August 13, 2010
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Let Citibank Let You Get In Control, Pt.1
Turn it on, turn it off.Citibank will soon be testing a new debit and credit card option that helps cardholders stay on track with their budget. The bank will launch its new MasterCard service called inControl. Currently, Barclaycard from the U.K. is online with the program; however, Citibank will be the first credit card company in the U.S. to offer the service. Also included in the service will be extended theft protection features. inControl will enable the cardholder to set limits on a variety of spending which will cause any transaction that exceeds the specified amount to be declined. Although Citibank expects to launch the new MasterCard service shortly, it will only allow credit cardholders to set up desired alerts. The ability to set perimeters to decline transactions will follow in several months.
With credit card theft and identity theft topping the crime list, extra card security features have become a valuable benefit. inControl also enables the cardholder to set perimeters limiting which countries or shopping and dining categories are acceptable. Credit cardholders are also able to set exceptions to any category. Would you like to just tell Citibank to shut off credit on a monthly basis when you have reached your designated disposable income, it's a done deal.
If you don't want to be embarrassed by going over your budgeted amount and having your debit or credit card transaction declined, inControl gives you the option to receive alerts rather than declining the transaction. Additional alerts will include online purchases, geographical areas, exceeding a set dollar amount, and recurring transactions. If you do receive an alert that pertains to a transaction that you have not authorized, all you'll need to do is call Citibank immediately and have them declined the transaction. Cardholders will also have the ability to change or shut-off alerts to meet their flexible needs. At this time, MasterCard is the only card network that offers this type of service and Citibank will be the only bank involved; however, MasterCard noted that the company expects to bring more U.S. banks onboard with the program. So why would MasterCard be so interested in offering a service that limit spending and reduce earnings? Read part two to learn more.